Meme coins have or rather are gaining massive approval, traction growth in the crypto space, one of the key reasons for which is the support of a solid group. This article talks about the purpose of the SHIB coin, if there is one, its supply chain, and the nitty-gritty of its competition with Dogecoin. SHIB coin was first released almost a year and a half ago, in August 2020, by an unknown individual or team named Ryoshi. It is conceptualized from the Japanese dog breed utilized as Dogecoin’s emblem. It emerged as Dogecoin’s opponent in 2021, surpassing Floki Inu, Akita Inu, and Dogelon Mars in terms of value, when it increased by a staggering 150 million % when it rose from its launch price of $0.000000000056 to an all-time high of $0.00008616.
Shiba Inu is an ETH-based coin known more commonly as ERC-20 token as it is very resilient, well-protected, recognized, and makes way for decentralization. The white paper, the document which incorporates a framework of an issue that the project is hoping to settle, the answer for that issue just as a definite portrayal of their item, its engineering, and its association with clients, for Shiba Inu is called the “woof paper.” This woof paper explains the guidelines on which Shiba Inu’s ecosystem is based.
The mentioned staggering increase of 150 million % owns itself greatly to an immense fan following, a large number of influencers on social media promoting the coin, and pumping sales which all ultimately lead to the current price of SHIBA. To explain it in simple words, we can say that it has the highest fan following on its official tweeter account compared to its competitors and even beats Ethereum by 0.3 million followers.
Another event worth mentioning here is one of the most generous donations ever made in the history of a billion dollars to the coin by Mr. Vitalik Buterin (co-founder and lead engineer of Ethereum) to control the spread of Covid in India. Furthermore, the official website makes it quite clear that SHIB is a meme coin that got involved and upgraded in the blockchain environment. Still, it’s been hard for clients in reality to get a grip on its utility, and it has been viewed as a “pump and dump” currency
Supply of Shiba Inu
The quantity of Shiba Inu’s total supply chain that stands at an astonishing quadrillion tokens being minted at its launch in 2020 makes it by far the only digital currency with most coins ever minted at the time of launch in the history of crypto. This is one of the most distinguishing features of the SHIB coin. Along with that, about half of its total stock was held in a place where people perform crypto transactions on the platform of ETH Blockchain with the obvious aim of making a profit, often called decentralized exchange Uniswap. It can also be called AMM (Automated Market Make) that stimulates its users to provide utility for a particular reward like tokens.
Moving forward, a controversy was born when SHIBA’s owners Rayoshi gave the other 50% of the total supply to a very rich and influential person Vitalik Buterin, with the hope of them being locked away forever, but this generated questions in people’s minds about what he would do with such an amount. Though Mr. Buterin donated 50% of his equity to Indian Covid relief funds with the aim of pleasing the masses, and it worked to some extent, since even after this, he owned about 45% of SHIB’S total supply. Eventually, this spurred suspicions, not only about the claimed decentralization but also—the volatility of the meme coin in the future. As a result of the objections raised due to these reasons, the lead engineer and co-founder of Ethereum, Mr. Buterin, burned an unprecedented amount of SHIB. About 40% of its total supply chain and a figurative amount of more than 410 trillion SHIB coins. Hence, for the said reasons, this amount of SHIB was later cut off from Blockchain circulations.
The choice in itself of sending half of the coins in circulation to Mr.Buterin was possibly very risky and in violation of Blockchain’s decentralization principles. But, Shib Inu was not the only dog-related coin sent as Dogelon (ELON) and Akita Inu (AKITA), among others, were transferred to acquire some attention as a result of the celebrity’s popularity.
Purpose of SHIB
Moving towards the purpose of the SHIB coin, it is evident the pivotal idea is that no central power controls the fate of the coin. All things considered, a community of users drives it to success, which many accept is an enabling idea. This is what makes these meme coins famous as the idea is the thing that most drives their turn of events, and their cost is the people who belong to the group of users themselves; hence they believe it to be truly decentralized and consider it to be the main reason for the growth in cryptocurrencies. The official website of Shiba Inu itself declares that the main purpose of this experimental project is to give power to average members of the community by the concept of decentralized spontaneous community building.
Number of SHIB coins
This section of the article will first be discussing the tokenomics of Shiba Inu and what it depends upon. It basically can be, or rather is, divided into three main components, namely in decreasing order of preference SHIBA INU (Shib), LEASH, and Bone.
Shiba Inu is Shib itself, the main and the predominant coin of project available and tradable on the Ethereum ecosystem and can be swapped for any other ERC20 coin or currency.
The second in the ecosystem of Shiba Inu is a Leash; it was the first rebase token attached to the value of Dogecoin; a rebase coin is an adaptable money related base so that its stock starts to increment or diminish to change the symbolic cost without influencing the worth of anybody’s portion of the cryptocurrency. The initial supply was limited to 107,646 tokens, but later this mentioned rebase function was put-off as the token returned to its initial ERC-20 plan.
The third token in the ecosystem is Bone; its purpose is quite different from the rest of the two coins as it gives voting weight to its owners, as the larger the share of a Bone a person has, the more weightage his opinion would have in the next year’s decision-making process and plans. It first launched with 250,000,000 tokens, and as a core function, it enables members of the Shiba Inu community to vote on next year’s proposals.
Tools in SHIB Coin’s Ecosystem
In continuation, now we will be discussing what tools are being used by Shiba Inu. It is an ecosystem to make what it does possible. The first on the list is SHIBA swap which enables clients or users to track down a protected spot to exchange digital forms of money without the restrictions of a brought together stage. In simple words, a decentralized platform is also known as DEX, standing for “decentralized exchange” for decentralized finance (more commonly known as “DeFi”). This is discussed in greater detail, and more depth at a later place in the article as its idea originated from the massive success of the Shiba Inu project. Its developers here aimed to provide the community with a decentralized exchange in line with other platforms.
The next tool in ecosystems is the Shiba Inu Incubator which enables creative members of the Shiba Inu community to express their artistic creativity and talent through creating unique artwork. For this reason, this tool is also called ‘Artist Incubator.”
The last one is Shiboshis. Shiboshis was about ten grand non-fungible tokens (NFTs) produced on the SHIBA Inu biological system and for all time recorded on the ETH blockchain, with various highlights that make every one of them interesting and valuable. People can buy and exchange on the famous NFT stage Open Sea and SHIB Swap without expenses.
Swapping and Trading
Swapping and trading are very similar concepts because of the way they sound. But, the distinction between them came to light back in 2017 when there was an evident need to switch coins rather than exchanging them in a traditional old-school way where the trader uses a coin like Bitcoin or Ethereum to buy other coins and currencies through an exchange. Now, by the use of “atomic swaps,” a momentary trade of computerized resources between various blockchains would happen without a mediator. Nuclear trades have been planted now by wrapped tokens, from where the DeFi begins. Dissimilar to unified trades, which are Binance and Coinbase, DeFi stages like Uniswap, Sushi Swap, and presently Shiba Swap permit dealers to trade tokens without request books, overseers, or delegate weak spots of any sort.
The concept of decentralization can be explained by three main steps in the process. Firstly, no intermediary takes a cut of fees. Secondly, no KYC is required as decentralized systems do not require personal data. Lastly, earn money by providing protocol with liquidity.
Shiba Swap’s first delivery date was the 6th of July, 2021, and carried a great deal of fervor to the community of Shiba Inu, which expected the stage’s send-off as a pivotal time of the digital currency. The Shiba Swap trade is a computerized market creator (AMM) that manages savvy contracts and permits merchants to trade resources naturally without requesting books and inordinate exchanging charges. It gets motivation by the well-known stage, Uniswap.
In any case, the fundamental difference is prominent in the half-year lock rule, for sixty-seven percent of digital money put resources into giving most extreme liquid assets. By locking their resources, financial backers get to acquire some profit. BONE, SHIB, and LEASH are exchanged on Shiba Swap remarkably, thought about the following advancement in DeFi stages. Shiba Swap clients can DIG (give assets), BURY (claim their share), and SWAP the three available coins of SHIB to acquire “WOOF” benefits through a modern and imaginative easy revenue reward framework.
Competition with Dogecoin
As discussed earlier, Shiba Inu was starting to be considered as a rival of Dogecoin following its massive increase in price and following on social media accounts. This did not stop here as the developers and core team of Shiba Inu considered it to massively surpass Dogecoin overtaking its value This is all said taking into account the similarities between the two coins like both being highly dependent on publicity provided by influencers and social media as they both are meme-based coins originating from the same dog breed.
Dogecoin vs. Shiba Inu
The major points of difference between the top two dog-based coins are the amount of circulating supply. Both of the coins that are most popular in the meme department of blockchain have a massive supply of their cryptocurrencies circulation in the network. It might be surprising for a lot of people that the supply of Dogecoin is 132,440,236,686 is significantly lower than 549,007,891,518,632 of Shiba Inu. The numbers tell that Shiba is way ahead in the regulation of coins than its peer Dogecoin. This supports the statement or rather predictions of its developers that it will surpass dodge coin in its value though it was released long after it (2013 and 2020, respectively).
The coins being discussed might lie under the same category, but there is a crystal clear difference in their blockchain’s regulation. Dogecoin has its blockchain, while Shiba Inu is based on Ethereum’s blockchain, namely ERC20. This certain dissimilarity between the meme coins also gives a competitive advantage to Shiba Inu.
Some people believe that the two cryptocurrencies under the same niche of meme were created and regulated around the same time. But, there is a prominent gap of years between their arrivals. Dogecoin announced its emergence in the field of crypto back in 2013, while the currently popular Shiba Inu was launched in 2020.
Dogecoin made headlines on every crypto article and newspaper when it was born. The creators of this controversial digital currency are Jackson Palmer and Billy Markus. You might be amazed to know that SHIB coin has no known creator to date. The currency emerged on its own, and the column of its creator’s name is still filled as “anonymous.”
Process of Buying
The producers and developers of SHIBA have been extremely selective and unpredictable with the road map of the coin. So, it is very difficult to say what the future might hold for the coin but recently, disappointingly for the meme coin’s allies, the American monetary administration’s space Robinhood was hesitant to register the digital money because in the expressions of the CEO of Robinhood that the SHIB coin is as yet not adequately secure. The U.S based Public.com, a fierce competitor of Robinhood, recorded the cryptocurrency in October of 2021.
Though, SHIB and Leash tokens can be very easily traded on Shiba Swap and Uniswap among the vast majority of centralized exchanges. SHIB recently was also listed on Coinbase, which is in collaboration with the most popular centralized platform to this day, “Binance” and “KuCoin.” This, we believe, would immensely aid in the trade of SHIB token. Another point worth mentioning is that we, as of late, discovered that Shiba is getting ready to join the Metaverse. This induction will require some burning of the coins that the administrators of the cryptocurrency are planning to do. Although, such an act will put a dent in the overall supply of the SHIB coin in the blockchain.
Although SHIB coin emerged as a coin, it has gained comparatively larger support and popularity than other cryptocurrencies, which appear to have a clear goal or a legitimate source behind it. People hold the coin and maintain a barrier below the coin, giving it a solid foundation to hopefully rise.
Critics scrutinize the meme coin’s weak source and its rising fanbase. They believe that this particular cryptocurrency, along with other meme base coins, tends to overshadow some of the cryptocurrencies that originate through technology sources, and it is not just a fictional currency. This point of view gets a partial response. Some investors agree that the Shiba Inu coin harms the predicted healthy future of “legit” cryptocurrencies, while there are other people with the idea that like any other cryptocurrency in a blockchain exchange, Shiba Inu offers major investment opportunities with possible positive returns.
Either way, the market trends and blockchain predictions speak for themselves. Many investors, whether they like it or not, end up investing minimal or major shares of their reserves in Shiba Inu and Dogecoin. Any person with advanced knowledge and understanding of crypto cannot deny the potential of meme coins and their bright future in the blockchain web.
Investing in any cryptocurrency can be risky, especially if you are looking to earn profit in a short period. So, extensive information on the crypto market and cryptocurrencies are necessary to pursue the blockchain world. If people who are experts in the field invest in Shiba to earn something extra, so can you. Hence, do the research, understand the trends of the crypto market, and then decide whether Shiba is a coin worth investing in or not.